Amalgamation of Boyle and Sligo Credit Unions to create ‘a significant player in the provision of financial services’
The amalgamated Credit Union is set to be operational by the end of January.
The planned amalgamation of Boyle and Sligo Credit Unions will create “a significant player in the provision of financial services”.
That’s according to Boyle Credit Union manager Joe Currid who outlined the plans for the synergy, which is set to be ratified at the respective AGMS of both Credit Unions on Monday, December 16th.
Mr Currid, who has been manager in Boyle for the last 20 years, explained that the primary objective of the amalgamation was to provide an expanded range of services to members.
Boyle Credit Union currently provides loans, savings and online services but joining forces with its larger Sligo counterpart will enable it to offer debit cards and current accounts immediately, and ultimately mortgage provision in the “not-too-distant future.”
“This is something we're really excited about, because it really increases our capacity to deliver services, which is really what it's all about. Sligo has approximately €100m in assets and Boyle has approximately €20m, so the combined assets will be in excess of €120m. This will allow us to become a significant player in in the provision of financial services,” said Mr Currid.
“From the point of view of Boyle Credit Union, it brings a strong balance sheet to the table. It also brings an experienced management and operational team to the table and all of those things benefit the organisation as a whole. It’s all about provision of services to the members and trying to maximise that,” he said.
Established in 1978, Boyle Credit Union has in the region of 6,000 members while Sligo Credit Union, operational since 1965, has approximately 23,000 members.
Planning for the amalgamation has taken 18 months and as part of the rebranding, the new Credit Union will be called ‘Northwest Credit Union’.
Mr Currid confirmed that the new collaboration protects the six jobs in Boyle and the 35 in Sligo Credit Union with possible job creation in the future.
“Given the marketing strategy that's going to be adopted, we anticipate growth in in the Boyle area. So in all probability, there will be additional employment opportunities going forward,” he said.
Sligo Credit Union has branches in Sligo town and Collooney, along with Drumkeeran in County Leitrim. “In this regard, the new organisation is going to be quite unique in that it's a Credit Union that is going to be touching into three different countries, so that's quite unique from a national perspective,” said Mr Currid.
Once the process of aligning is complete, which will involve the marrying of data and computers systems, it’s expected that the amalgamated Credit Union will be operational by the end of January.
“From a personal perspective, it's completing the circle if you like, because before I came to Boyle, I was involved with Sligo Credit Union for 18 years. So on a personal note, it’s going back to where I started,” he added.
The respective boards and management teams of Boyle and Sligo Credit Unions will be recommending that the amalgamation proposal be accepted by the membership at the two respective AGMS taking place next Monday.
